What is an unsecured creditor?
Minneapolis Bankruptcy attorney Steven Silton defines unsecured creditor.
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An unsecured creditor is any creditor who is owed money from a debtor which is not secured by an existing collateral. So it can mean any claim whatsoever that involves in which the debtor owes money. It can be everything from trade debt to service debt, attorney’s fees, as well as personal injury claims or other obligations that the debtor owes.